Family members of employees have been notified of the detentions at Trust Reserve, and the project office in Shanghai has been closed.
There is a law enforcement seal on the door with the notice “Judicial Seizure, Vandalism will be prosecuted.”
Trust Reserve, formerly known as CNHC Group, issued a CNHC yuan-linked staplecoin in 2021, and later a HKDC token pegged to the Hong Kong dollar.
At the same time, both stabelcoin were available only on one centralized exchange TruBit Pro. Management planned to significantly increase the availability of stabelcoins on other centralized sites.
This, according to local media, has attracted the attention of Chinese authorities, because the Celestial Empire bans cryptocurrencies.
Chinese authorities are now actively introducing their own state-owned digital currency.. In May, a pilot project to pay civil servants’ salaries in digital yuan started.
The pilot project of paying civil servants’ salaries in digital yuan started in May.